New Year, New Fund
Announcing ExSight Fund IV and Reflections on 2024
Photo by Adrian Trinkaus on Unsplash
As the calendar turns to 2025, we’re thrilled to kick off the new year with a milestone announcement: the first close of our fourth fund. This achievement marks another step forward for our venture capital firm in advancing the future of eye care through strategic early investments in groundbreaking technologies and therapies. Thank you to our committed investors for believing in our vision—their support empowers us to drive innovation and improve lives.
Before we look ahead, we want to reflect on the incredible progress made in 2024. This past year has been defined by transformative developments across our portfolio companies, demonstrating the profound impact of funding early-stage ocular innovation:
1. Acquisition of Elios Vision by Bausch + Lomb: The acquisition of Elios Vision by Bausch + Lomb represents a remarkable success story. Elios Vision’s innovative technology caught the attention of one of the largest global players in eye care, resulting in a successful acquisition that promises to accelerate the availability of its solutions to patients worldwide. ExSight co-founder Dr. Rahhal remarked at the close of ExSight’s initial investment in 2021, “ELT’s novel procedure has all the attributes that will make it highly attractive to cataract surgeons and glaucoma specialists alike: efficacy, simplicity, speed, reproducibility, and a lack of hardware left in the eye, among others.” This acquisition recognizes that promise and underscores the value we seek to create through our early-stage investments. Elios Procedure Video.
2. $65 Million Series D Oversubscribed for ONL Therapeutics: Series D raise led by Johnson & Johnson Innovation – JJDC, Inc. with Novartis Venture Fund joining a consortium of existing investors was a landmark achievement, securing $65 million to advance the development of ONL1204 Ophthalmic Solution with the initiation of a Phase 2 global study for the treatment of geographic atrophy (GA) associated with dry age-related macular degeneration (AMD). This milestone is remarkable progress from ExSight’s first investment in 2018 and a testament to the hard work and dedication of the company’s leadership. This pioneering therapy addresses a critical unmet need in ophthalmology, and we are excited to continue our support of ONL as it progresses toward clinical milestones and regulatory approvals.
3. Co-leading the Horizon Surgical Systems $30M+ Series A: The financing was led by ExSight Ventures and a major corporate investor, with participation from Main Street Advisors, the University of California (UC Investments), and others. In partnership with other top-tier investors, we co-led the Series A financing of Horizon, a company pioneering automated robotic eye surgery. This cutting-edge platform holds the potential to revolutionize surgical precision and accessibility, setting a new standard for eye care procedures. This investment is a significant milestone in our relationship with Horizon founder Dr. Hubschman. When ExSight first outlined an interest in robotic surgery in 2014, Dr. Rahhal suggested we speak to Dr. Hubschman, a teaching colleague at UCLA, who was very active in robotic surgery research and development at UCLA. That conversation began a years-long relationship with ExSight broadly, with ExSight being the first check in at spinout. The proceeds of the Series A funding will advance the development of Horizon’s novel technology platform, advancement to first in human studies, and further building out the team.
As we embark on 2025, we remain committed to transforming eye care through strategic early-stage investments that develop and de-risk critical innovation. We have already made two investments on behalf of ExSight Fund IV, additional participation in Horizon Surgical Systems’ Series A, and a yet-to-be-disclosed investment in an oral formulation for the treatment of retinal disease alongside a leading strategic partner. We look forward to sharing more updates on our progress, portfolio achievements, and industry insights in the coming months.
Here’s to another year of innovation, collaboration, and impact.